Angop - Agência de Notícias Angola Press

Angola, Portugal and AfDB sign financial agreement

Thu, 11 Jul 2019 13:07 - Economy

Luanda - The governments of Angola and Portugal and the board of the African Development Bank (AfDB) signed on Wednesday, in Luanda, an African financial instrument dubbed Compact of Lusophonie for the financing development of the African Portuguese Speaking Countries (PALOP).

  • Angola benefits from another new financial instrument
  • Angola, Portugal and AfDB sign financial agreement

The agreement was signed by the Angolan minister of Economy and Planning, Pedro Luís da Fonseca, the secretary of State for Cooperation of Portugal, Teresa Ribeiro, and the vice president of AfDB, Mateus Magala.

The legal tool is aimed at aiding the development of the agricultural, energetic and tourism sector.

Through the signing of the agreement Angola joins Mozambique and Cabo Verde in the Lusophone compact, whose goal is to promote economic boost and sustainable development of these countries and others that could eventually be part of it. 

The initiative - which counts on a programme for technical assistance, financing and guarantees for the projects - comes under a dialogue with AfDB, although it has already dealt with European Union due to its experience with traditional cooperation programmes that involved the PALOP and East Timor.

Portugal takes part in the project Compact of Lusophonie with USD 400 million.

Angola is the third African country to join the agreement compact of Lusofonie created in 2015 by the AfDB and African Union.